Bookkeeping And What It Does If you are having problems on keeping track of every transaction that has happened in your business as well as list of payments, all you need is a simple bookkeeping solution. Keeping track with your business is important that is why it is vital to have bookkeeping because it will help you see if you are actually making profit or not and if you are not in good terms bookkeeping will serve as a warning that you have to change something in your business system. The job of the bookkeeper is to make sure to list down every single transaction that has occurred in the business and someone will also make these reports, this type of work is really important if you want your business to stay afloat. Bookkeeping must always complement with the accounting personnel because they will be working together in keeping track with the expenses in the business. The most important factor that these two will being is that they will send reports to the owner about how the business is doing financially, if the business is actually earning a lot or losing some revenues, they will also send reports about each transaction that happened so that the owner will know whether they are doing good or not as well as reaching the desired quota. The accountant will work on the financial part of the business, listing down expenses and later on he will be sending this to the bookkeeper for further analysis. The bookkeeping personnel will work on listing down the activities that the business has been doing and after tracking down every single action the business has done, he will send it to the accountant, the accountant on the other hand will depend on the information the bookkeeping personnel will send. The bookkeeper has a really important role in this matter. This means that basically bookkeeping will work on keeping track of every single transaction that will happen every day, he will be working all day just to list down every business transaction that has happened. It is important to have everything in top shape because if there is a single penny missing in the list the owner will really ask where the money went, it is important that every single transaction is listed. There are different types of bookkeeping and is used in different fields as well. The common bookkeeping types are single entry and double entry, both bookkeeping systems are important in their own way. You will have to make sure you know the difference between these two systems is that the single entry system will work with the finances and the double entry system will take on the debits and credits of the business.